An inflation report for March showing the rate surging to 3.3%, its highest level in years, was not the news millions of American borrowers contending with elevated interest rates were hoping for. But that was compounded this week after dual inflation reports from the Bureau of Labor Statistics showed additional increases. Now at 3.8%, the inflation rate is the highest it's been in around three years and it's almost two full percentage points above the Federal Reserve's target 2% threshold. That 2% isn't just an idealistic goal, however. It serves as a benchmark for where the central bank wants the inflation rate to be, and, until it gets back to that figure, interest rate cuts look to be on hold indefinitely.

With the April Fed meeting resulting in the third interest rate pause of the year, and with no Fed meeting even on the calendar again until mid-June, borrowers saddled with high-rate credit card debt find themselves stuck with few good options. But "few" doesn't mean "none." In this climate, though, these borrowers will need to take a harder look at their situation and the broader economic circumstances they now find themselves in. That begins with contemplating a series of critical questions (and answers) this week. Below, we'll detail three major ones worth serious consideration right now.

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3 credit card debt questions borrowers should consider this week

While having the answers to the following three questions will only provide a starting point, that's exactly what most borrowers need to begin on the journey toward regaining their financial freedom. Following this week's economic news, specifically, borrowers should think through these specific credit card debt questions now:

Is external rate relief realistic now?

The chances of a Fed rate cut this year have greatly diminished compared to what they were at the start of the year. And, in fact, the likelihood of an interest rate hike has increased recently. Against this backdrop, the chances of external rate relief for credit card borrowers saddled with an interest rate of 20% or higher now look incredibly low. And even if rate cuts were to come back into play later this year, they'd likely be by a minimal quarter of a percentage point, which will do little to offset the double-digit interest rates you're paying now. So, while waiting for the Fed to cut rates to deal with your debt is almost always a poor approach, it's even more unadvisable right now.

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Which debt relief options do I qualify for?

There are plenty of debt relief options available right now and multiple vetted debt relief companies to work with. But qualifications for each will vary and, for some, you may still need a good credit score. However, with the interest rate climate stuck after this week's news, now is a good time to start researching your debt relief tools to determine which ones you actually qualify for. Credit card debt forgiveness, for example, may sound good on paper but you'll need to have a certain amount of debt, have proof of financial hardship and a history of late or behind payments to actually qualify. Still, with no external rate relief looming, now is a smart time to dig in to see what your options actually are and, more importantly, which ones you're technically eligible for.

Can I dig out of debt on my own?

You don't necessarily have to use a debt relief service to get out of debt. And many will come with fees that will need to be strategically managed. So, while exploring your options, consider, too, the possibility of digging out of your debt on your own. It won't necessarily be easy or painless. But if it means maintaining your credit score and keeping the fees that would otherwise go to debt relief companies in your savings account, it can still be worth it. The key here, overall, is to take prompt action now that interest rates aren't moving. How you take action, however, will ultimately be up to you.

The bottom line

Don't delay tackling your credit card debt any further. After this week's disappointing inflation news (and last month's interest rate pause), the onus has shifted to borrowers in debt to take action independently. Consider these three questions carefully and be realistic with the answers to each. Only then will you be able to accurately determine your next steps and, most importantly, begin the delayed work of improving your financial health and reducing your high-rate, outstanding credit card debt balances.